Improver knock-in forward for dollar bears

Background: The US dollar has been depreciating for the better part of the last two years. Dollar/yen has fallen from 125 in June 2002 to a three-year low of 103.30 at the end of March. Subsequently, we have seen a retracement back as high as 114.50.

With spot now hovering around 110, many investors expect the US dollar to resume depreciating sharply once the Federal Reserve starts tightening monetary policy, as the sustainability of the US current account deficit will move back to the

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